BANKNOTES SUPPLY DURING YULE SEASON IS ADEQUATE
The Bangko Sentral ng Pilipinas (BSP) assures the public that there is adequate supply of currency in line with the seasonal demand for fresh banknotes during the Christmas season. According to the BSP, the country’s currency supply also remains sufficient to meet the needs of a growing economy.
Similar to the practice of other central banks that print their own currency, the BSP partially outsources the production of banknotes to meet surges in currency demand under domestic procurement regulations or international competitive bidding processes.
The BSP likewise continues to educate the public on the proper handling of banknotes under its nationwide “Clean Note Policy” as a multi-stakeholder initiative to minimize the cost of producing currency. The campaign is aimed at extending the life span of banknotes, thereby reducing the cost of currency production.
The BSP continuously invests in and upgrades its capacity for coin and banknote production to further increase its agility in meeting the country’s currency requirements. Towards this end, the BSP plans to establish a larger currency production facility in New Clark City.
Moreover, the BSP fosters an environment conducive to a cash-lite economy. This is in view of an evolving global market landscape that takes into account the efficiencies brought about by advances in electronic payment systems and the potential of technology in enhancing financial inclusion.
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Topic: Money Supply This Christmas (Read 515 times)